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Tag Archive 'Great Depression'

The Myth of 1920s Credit

One of the major myths of the “high school” version of the causes of the Great Depression is that the 1920s was a period of false prosperity, and it was the excessive dependence on consumer credit which ultimately led to “overconsumption” for which we suffered the hangover for during the 1930s. Ironically, this gets the […]

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Perhaps that is a dog-bites-man headline. But Rochester alumnus Lee Ohanian demonstrates that it wasn’t exactly his dedication to radical, anarchic, laissez-faire capitalism that did it: I develop a theory of labor market failure for the Great Depression based on Hoover’s industrial labor program that provided industry with protection from unions in return for keeping […]

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